Learn more about product with this collection
Essential product management skills
How to work effectively with cross-functional teams
How to identify and prioritize customer needs
After reading Gates’ and Musk’s life stories, people seem to fall for the successful dropout myth , because if they can do it, why can’t you?
These stories might expose a fallacy in judgement because in reality, for one success story there are tens of thousands of stories of failure that may not be focused on because of a survivorship bias.
Focusing on only success stories results in “Survivorship Bias”.
31
146 reads
MORE IDEAS ON THIS
The curse of knowledge is a cognitive bias, which occurs when people fail to consider that others don’t have the same background knowledge or information as they do.
Someone knowledgeable in a particular field might find it difficult to put themselves into a beginner’s shoes (or someone who...
35
171 reads
Have you felt that whenever you’re trying to remember someone you met in the past, you find it difficult to recall them from memory but recognise them easily through looking at their pictures?
These scenarios exemplify Recognition over Recall. It’s easier f...
35
129 reads
Let’s say you go to buy a watch, and the first one you like costs $150, which exceeds your budget, soon after you see a watch that costs $125, this new price seems reasonable now, even though this too might exceed your budget, however, as compare...
37
233 reads
The decoy effect occurs when a person’s choice between 2 items changes when a third option, asymmetrically dominated, is introduced.
This third option is made easy to discard.
The decoy option is added to nudge the customers towards the intended target option...
32
156 reads
CURATED FROM
Digital marketing at dentsu. Invested in the symbiosis of marketing, psychology, and design. Photographer at heart.
Related collections
More like this
Survivorship bias is a logical error that twists our understanding of the world and leads to a wrong understanding of cause and effect.
We fall into survivorship bias when we assume that success stories tell the entire story of a product/business, while we don't properly consider past fail...
We tend to overestimate the chances of success because success stories are more likely to be reported, while failure stories do not.
"Behind every popular author you can find a hundred other writers whose books never sell."
How to elude the survivorship bias?
It's our tendency to concentrate on the people who end up winning —the survivors—and mistakenly assume that ambitious goals led to their success while removing from pur view all of the people who had the same objective but didn’t succeed.
When you solely focus on success, survivorsh...
Read & Learn
20x Faster
without
deepstash
with
deepstash
with
deepstash
Access to 200,000+ ideas
—
Access to the mobile app
—
Unlimited idea saving & library
—
—
Unlimited history
—
—
Unlimited listening to ideas
—
—
Downloading & offline access
—
—
Personalized recommendations
—
—
Supercharge your mind with one idea per day
Enter your email and spend 1 minute every day to learn something new.
I agree to receive email updates